BOJ governor Ueda: Underlying inflation has been gradually rising

• Inflation is not necessarily weak if you look at other service prices
• If prices move in line with our forecasts, it would be reasonable to adjust policy and hike rates further

He’s mainly stating that the central bank is still in a position to hike rates further from here. As for the timing, he says that it is still uncertain i.e. depends on the data. In any case, we all know that they’re not going to budge on that stance. So, this isn’t exactly what is needed to help the yen. [Update @ 0736 GMT: Ueda’s press conference ends]

This article was written by Justin Low at www.forexlive.com.